Bookkeeping and management accounts
All money coming in and going out of your business needs to be recorded and accounted for. There are a number of factors that need to be taken account of when completing your bookkeeping, for example your own deadlines for financial reporting, HMRC deadline for VAT compliance, banking covenants for loans or alternative financing, or group reporting purposes.
Often, keeping ahead of your bookkeeping needs can prove a time-consuming job that distracts from the running of a business. At Moore Kingston Smith, we can help with the day to day bookkeeping, as well as management accounts, either quarterly or monthly through our outsourcing services.
We also have a purpose-built online platform – KS Connect – so that you can manage your finances securely online in the cloud, giving you access to live financial information, whilst taking care of your bookkeeping, tax and payroll needs. The platform:
- Provides you with your own adviser to help your business grow
- Provides you with real-time financial information
- Provides business intelligence and benchmarking reports
- Stores your data securely
- Saves you money by reducing the overheads involved with keeping these services in-house
- Provides you with a tailored service
For more information, please visit www.ksconnect.co.uk.
Every UK registered company or LLP is required to prepare and file accounts once a year at Companies House, where they are held for public inspection.
Accounts must be filed 9 months after the year end of the company. Small companies may file accounts with limited information, whilst larger ones may have to disclose more and have a statutory audit.
We are able to assist you in preparing your accounts, whether these are prepared under UK or international accounting standards, ensuring that these comply with the requirements of the UK Companies Act as well as the relevant accounting standards. We can also advise you on first time adoption of the new UK accounting framework, FRS 102, where relevant.
Some companies may be required to have a statutory audit. This will depend on the overall size of the company, or group of companies, including those businesses not based in the UK.
As guidance, companies and LLPs are, in general, exempt from audit if they are regarded as small.
To qualify as small, they must meet at least two of the following criteria for the current and previous year:
- Total assets under £5.1 million
- Turnover under £10.2 million
- Under 50 employees
Please note – exceptions apply and these criteria are for accounting periods beginning on or after 1 Jan 2016.
Moore Kingston Smith are able to carry out the audit of your accounts in accordance with international auditing standards and the requirements of the Companies Act, which will include providing feedback to the directors on control issues that we identify. As a result, we can also assist in improving the efficiency of your accounting processes.
To find out how we can help you, please click here.
If you are opening a branch office in the UK…
An overseas company can establish and operate through a branch office in the UK – known as a ‘UK Establishment’. There are a number of requirements for a UK Establishment; for example, it must register with the UK Registrar of Companies and needs to file its accounts in the UK. As a result, many overseas companies prefer to establish wholly owned UK subsidiary companies in order to limit their exposure to risk and to avoid placing their accounts on public record.